A crisis, by definition, is a period of difficulty and constraint. While crisis can be a threat to many, it can also be a turning point-an opportunity to serve new unmet needs in new ways. We are living through times with many different – often intersecting – crises: a global economic crisis; a healthcare crisis; an energy/natural resources crisis; an education crisis; crises on multiple fronts in the developing world; leadership and management crises; crises involving broken business models in many industries, such as automobiles, newspapers, pharmaceuticals, etc. Some crises may be cyclical while others will be with us for a long time. Even if some of these crises are resolved or mitigated, most of them will continue to play a key role in the business environment in the coming decades. It is critical to learn how to spot value-creating opportunities in the midst of – and even taking advantage of – a crisis and to translate the insight into profitable new ventures, entrepreneurial initiatives or innovations. Companies, entrepreneurs and managers who excel at such crisis-led entrepreneurship will operate from a position of competitive advantage in the business environment going forward.
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